Oilboy Energy Limited (OBOY) has announced plans to establish a nationwide network of 70 electric vehicle (EV) fast-charging stations after raising Rs1 billion through a proposed rights issue.
The Pakistan-based energy company, formerly known as Drekkar Kingsway Limited, plans to issue 100 million ordinary shares at Rs10 each to raise the required funds.
The company said the project will diversify its business beyond the trading of coal, LPG, petrochemicals and other fuel products. It will allow Oilboy to enter the retail electricity market for electric vehicles.
70 Charging Stations Planned by 2027
According to documents submitted to the Pakistan Stock Exchange, around Rs1 billion from the rights issue will be used to establish and commission the planned charging network.
Oilboy will contribute an additional Rs25.42 million from its internal cash flows.
Each charging station is expected to cost approximately Rs14.65 million. The planned sites will feature dual-nozzle DC fast chargers with capacities ranging from 120kW to 240kW.
The chargers will be capable of serving two vehicles simultaneously. A typical 40kWh battery top-up is expected to take around 15 to 20 minutes.
Oilboy expects the charging network to become operational by the first quarter of 2027.
Company Enters New EV Infrastructure Business
Oilboy said the charging project represents an entirely new business line for the company. It has no previous operating history in owning or operating EV charging infrastructure.
The company described the initiative as a greenfield project rather than an expansion of an existing business.
Oilboy expects the network to create a recurring, rupee-denominated revenue stream. It also aims to reduce its reliance on commodity trading margins as Pakistan’s electric vehicle market develops.
The company said it wants to establish an early large-scale presence in the EV charging market ahead of the expected growth in Pakistan’s electric vehicle fleet.
Multiple Challenges Could Affect Rollout
The project requires the company to acquire, obtain approvals for, connect and commission 70 sites across different cities and inter-city routes.
Each location will depend on several factors, including availability of suitable land, approval of electricity loads by distribution companies, transformer and electrical panel installation, civil works and the import of charging equipment.
The expansion comes as efforts to develop EV charging infrastructure are increasing in Pakistan.
Oilboy also noted that its planned network would require coordinated execution across multiple locations rather than development of a single charging facility.
The company was incorporated in Pakistan in 1993 and became a public limited company in 1994. It initially operated in the manufacturing sector before later shifting toward equity investments and other business activities.
